Glossary

CP03A Notice

The CP03A notice is issued by the IRS to inform taxpayers that their tax return has been received and is currently being processed. This notice includes information about the status of the return and provides an estimated timeline for when the taxpayer can expect their refund.

Key points about CP03A:

The notice confirms that the IRS is reviewing the tax return for accuracy and completeness.
It may provide an estimated timeframe for when the refund will be issued.
If there are any issues or discrepancies with the return, the taxpayer may receive further communication from the IRS.

Receiving CP03A helps taxpayers stay informed about the status of their tax return and refund process.

Recommendation

Tax Lien

A tax lien is a legal claim placed by the IRS on a taxpayer’s property, giving the government the right to collect unpaid taxes from the property’s value.

IRS Form 8862: Information to Claim Earned Income Credit After Disallowance

IRS Form 8862 allows taxpayers to reclaim the Earned Income Tax Credit (EITC) after it was previously disallowed by the IRS.

Installment Agreement (IA)

An Installment Agreement is a payment plan that allows taxpayers to repay their tax debt over time in monthly installments.

Letter 3217C

IRS Letter 3217C confirms that the taxpayer’s Installment Agreement has been accepted, detailing monthly payment amounts and due dates.

CP521 Notice: Reminder of Installment Agreement Payment Due

The IRS CP521 Notice serves as a reminder to taxpayers that their next installment agreement payment is due and outlines the steps for making the payment.

CP210 Notice

IRS CP210 informs taxpayers that adjustments have been made to their account, which may result in a balance due, credit, or refund.

CP02 Notice: Refund Processed

The IRS CP02 Notice confirms that a taxpayer’s refund has been processed, outlining any adjustments made to the return.

CP504F Notice: Final Notice of Intent to Levy on Business Assets

IRS CP504F Notice is a final warning to businesses about potential asset seizure to settle unpaid tax debts, with instructions for avoiding levy actions.

Tax Garnishment

Tax garnishment is a legal process through which the IRS seizes a portion of a taxpayer’s wages, bank accounts, or other assets to satisfy unpaid tax debts.

Statute of Limitations on Tax Debt

The statute of limitations on tax debt is the time limit during which the IRS can collect unpaid taxes, usually 10 years from the date of assessment.